VANCOUVER, Jan. 4, 2012 /CNW/ - The Company (MIDASCO CAPITAL CORP. - TSX-V Symbol MGC) has received a preliminary report from the first geological visit to
license 582 and 583 in the Santa Rosa Canelos area, Bolivar State
Colombia. The objective of the visit was to gather samples and identify
zones of interest, geological anomalies and areas of past and current
mining activities. Our geological crew spent 12 days in the field. Two
main distinct structures were identified and transcend the entire area.
The northern most structure strikes southwest and is believed to be
part of the Cayetano mine structure, with widths that vary from 8 and
10 meters across the mineralized zone. The second structure is a
Northeast mineralized zone. Nine illegal mining operations were
discovered. These illegal miners ("Barequeo's") use small pumps and
dredges to mine the creeks.
During the visit a total of 25 samples were taken from vein workings
covering an area 1500 in length and 400 meters in width with the
average sample gathered from zones between 80 cm and 1.5 meters. The 25
samples were fire assayed by SGS Peru and all of them contained gold
(Au). Of the 25 samples 8 assayed over 1 g/t Au with four samples,
samples SMI-S-001, SMI-S002, SMI-S-009 and SMI-S010 assayed 69.38 g/t Au, 11.81 g/t Au, 8.63 g/t Au and 6.84 g/t Au respectfully.
The above lab results are very encouraging, specifically taking into
account that it is possible to observe two parallel structures, which
follow on the same structure of the Cayentano vein, the most important
structure in this zone.
A geological crew will be visiting our other licenses early in 2012 and
a more extensive exploration program will be designed upon receipt of
the final report.
Midasco's 7 licenses are located in two of the four distinct gold mining
areas in Southern Bolivar. Four licenses (269, 270, 271 & 272) covering
4,893 hectares are located in the Monte Cristo Tiquisio area, and three licenses (582, 583 & 585) covering 5,183 hectares are
in the Santa Rosa Canelos area.
R.T. Heard, P.Eng, who is a qualified person under the meaning of
National Instrument 43-101 has reviewed the technical information
contained in this news release.
We seek safe harbour.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
SOURCE Midasco Capital Corp.
For further information:
Dustin Elford, President (604) 669-2901